Lisa Simpson
May 9,2008
In: Foreclosure Homes

Texas Foreclosure Homes

Foreclosures are raging across the country and sparing none. Texas foreclosure homes are just one of the many. Texas in south central US is the Lone Star State. Austin is the capital.. Houston is the second biggest city followed by Dallas-Fort Worth metropolitan area. Texas foreclosure homes dot the scene everywhere. Texas presents variety to the eye – deserts, pinewoods, prairies but now Texas foreclosure homes are catching the attention. It is no longer cattle and cowboys of Texas but hundreds of Texas foreclosure homes. Texans have always had close ties with Mexico and its Spanish culture but today the Texas foreclosure homes have made it part and parcel of the great American nightmare of foreclosures leveling and flattening the nation ignoring social, economic or geographical divides. It is oil that led to the economic boom of Texas from the early part of the 20th century but the 21st century is writing down another history – that of Texas foreclosure homes.

However recent reports are showing that the number of Texas foreclosure homes is slowing down mainly in the Austin region. In the four county regions Texas foreclosure homes are down by 7% (counting the October auction sales) compared to the first ten months of 2006. However the number of Texas foreclosure homes is still well above the lowest number recorded in 2001. For three consecutive years the numbers of Texas foreclosure homes are down in Austin. It will also decline in Travis and Williamson counties. George Roddy the president of FLS admits reduction in numbers but the trend continues – albeit at a slower pace.

During March there were 10,700 Texas foreclosure homes. It was lower by 16% from the previous year during the same month. The March filings were also less than the February numbers of this year. Auction notices increased by 32%. During March there were 234,685 foreclosure postings across the country – it being a 57% increase from March 2007 and also a 5% from February 2008. Default notices and bank repossessions had increased on a year-by-year basis by 57% indicating that more house owners who were defaulting were just walking away.

Foreclosures are giving a chance for nature lovers to turn to Texas. Prices have now become affordable. It is better to look for homes that have passed through the foreclosure process and are in the hands of the banks or lenders. It makes inspection and assessment or repairing costs of the units easier.